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JOURNAL THE CAPCO INSTITUTE JOURNAL OF FINANCIAL TRANSFORMATION AUTOMATION Henley Business School – Capco Institute Paper Series in Financial Services #46 1 11.2017 THE HENLEY MBA Realise your potential with an MBA from a triple-accredited business school. hly.ac/the-henley-mba Where business comes to life HLY_MBA_CAPCO-Ad.indd 1 31/10/2017 10:31 JOURNAL THE CAPCO INSTITUTE JOURNAL OF FINANCIAL TRANSFORMATION RECIPIENT OF THE APEX AWARD FOR PUBLICATION EXCELLENCE Editor SHAHIN SHOJAI, Global Head, Capco Institute Advisory Board CHRISTINE CIRIANI, Partner, Capco CHRIS GELDARD, Partner, Capco NICK JACKSON, Partner, Capco Editorial Board FRANKLIN ALLEN, Professor of Finance and Economics and Executive Director of the Brevan Howard Centre, Imperial College London and Nippon Life Professor Emeritus of Finance, University of Pennsylvania JOE ANASTASIO, Partner, Capco PHILIPPE D’ARVISENET, Adviser and former Group Chief Economist, BNP Paribas RUDI BOGNI, former Chief Executive Officer, UBS Private Banking BRUNO BONATI, Chairman of the Non-Executive Board, Zuger Kantonalbank DAN BREZNITZ, Munk Chair of Innovation Studies, University of Toronto URS BIRCHLER, Professor Emeritus of Banking, University of Zurich GÉRY DAENINCK, former CEO, Robeco JEAN DERMINE, Professor of Banking and Finance, INSEAD DOUGLAS W. DIAMOND, Merton H. Miller Distinguished Service Professor of Finance, University of Chicago ELROY DIMSON, Emeritus Professor of Finance, London Business School NICHOLAS ECONOMIDES, Professor of Economics, New York University MICHAEL ENTHOVEN, Board, NLFI, Former Chief Executive Officer, NIBC Bank N.V. JOSÉ LUIS ESCRIVÁ, President of the Independent Authority for Fiscal Responsibility (AIReF), Spain GEORGE FEIGER, Pro-Vice-Chancellor and Executive Dean, Aston Business School GREGORIO DE FELICE, Head of Research and Chief Economist, Intesa Sanpaolo ALLEN FERRELL, Greenfield Professor of Securities Law, Harvard Law School PETER GOMBER, Full Professor, Chair of e-Finance, Goethe University Frankfurt WILFRIED HAUCK, Managing Director, Statera Financial Management GmbH PIERRE HILLION, The de Picciotto Professor of Alternative Investments,INSEAD ANDREI A. KIRILENKO, Director of the Centre for Global Finance and Technology, Imperial College Business School MITCHEL LENSON, Non-Executive Director, Nationwide Building Society DAVID T. LLEWELLYN, Emeritus Professor of Money and Banking, Loughborough University DONALD A. MARCHAND, Professor of Strategy and Information Management, IMD COLIN MAYER, Peter Moores Professor of Management Studies, Oxford University PIERPAOLO MONTANA, Chief Risk Officer, Mediobanca ROY C. SMITH, Kenneth G. Langone Professor of Entrepreneurship and Finance, New York University JOHN TAYSOM, Visiting Professor of Computer Science, UCL D. SYKES WILFORD, W. Frank Hipp Distinguished Chair in Business, The Citadel CONTENTS AUTOMATION 10 Regtech as a new legal challenge Rolf H. Weber, Professor for Civil, Commercial and European Law, University of Zurich Law School, and Counsel, Bratschi Wiederkehr & Buob AG (Zurich) 18 Bridging the gap between investment banking infrastructure and distributed ledgers Martin Walker, Banking & Finance Director, Center for Evidence-Based Management Anton Semenov, Principal Business Analyst, Commerzbank AG 34 Rethinking robotics? Take a step back Ashwin Gadre, Partner, Capco Ben Jessel, Managing Principal, Capco Digital Karan Gulati, Principal Consultant, Capco 46 To robo or not to robo: The rise of automated financial advice Thomas H. Davenport, President’s Distinguished Professor of IT and Management Babson College, Research Director, International Institute for Analytics, and Digital Fellow, MIT Center for Digital Business 54 Understanding robotic process automation (RPA) Markus Alberth, Managing Principal, Capco Michael Mattern, Managing Principal, Capco 62 Robotizing Global Financial Shared Services at Royal DSM Mary Lacity, Curators’ Distinguished Professor, University of Missouri-St. Louis, and Visiting Scholar, MIT CISR Leslie Willcocks, Professor of Technology Work and Globalization, Department of Management, The London School of Economics and Political Science Andrew Craig, Associate Researcher, The Outsourcing Unit, The London School of Economics and Political Science 76 The financial auditing of distributed ledgers, blockchain, and cryptocurrencies Daniel Broby, Director, Centre for Financial Regulation and Innovation, Strathclyde Business School Greig Paul, Researcher, Strathclyde University 88 Targeting the robo-advice customer: The development of a psychographic segmentation model for financial advice robots Diederick van Thiel, AdviceRobo and Tilburg University W. Fred van Raaij, Professor of Economic Psychology, Tilburg University BUSINESS MODELS 104 Avoiding pitfalls and unlocking real business value with RPA Lambert Rutaganda, Consultant, Capco Danushka Jayasinghe, Associate, Capco Rudolf Bergstrom, Senior Consultant, Capco Jibran Ahmed, Managing Principal, Capco Avijeet Jayashekhar, Managing Principal, Capco 116 The impact of financial regulation on business models of cooperative banks in Germany Matthias Fischer, Professor of Banking and Finance, Technische Hochschule Nürnberg Georg Simon Ohm, Germany; Adjunct Professor of Banking and Finance at IAE Université Nice Sophia Antipolis, France 128 Transforming the theory and practice of risk management in financial enterprises Tom Butler, Professor, GRC Technology Centre, University College Cork, Ireland Robert Brooks, Director, Risk Advisory, Deloitte, London, UK 148 Reconciliations: Five trends shaping the future landscape Arif Khan, Principal Consultant, Capco 159 Thank you and goodbye – ending customer relationships and its significance David Lim, Senior Consultant, Capco INVESTMENTS 168 Intelligent financial planning for life Michael A. H. Dempster, Professor Emeritus, University of Cambridge, and Managing Director, Cambridge Systems Associates 178 The hybrid advice model Kapin Vora, Partner, Capco Digital Tobias Henry, Managing Principal, Capco Digital Jacob Wampfler, Senior Consultant, Capco Mike Clarke, Senior Consultant, Capco 186 Tax cuts: Fuel share prices, not necessarily a catalyst for economic growth Blu Putnam, Chief Economist, CME Group Erik Norland, Senior Economist, CME Group 193 Actively managed versus passive mutual funds: A race of two portfolios Atanu Saha, Chairman, Data Science Partners Alex Rinaudo, Chief Executive, Data Science Partners 207 Aligning interests over the long term: An incentive structure for U.S. 501(c)(3) private foundations Christopher Rapcewicz, Director of Investment Risk Management and Operations, The Leona M. and Harry B. Helmsley Charitable Trust 219 Financial inclusion and consumer payment choice Allison Cole, Ph.D. Candidate, Massachusetts Institute of Technology Claire Greene, Payment Analyst, Consumer Payments Research Center, Federal Reserve Bank of Boston DEAR READER, Welcome. Intelligent automation is one of the most prominent Once again, the breadth of topics included in this trends in financial services, fundamentally redefining edition confirms the complexity of our industry. RPA the industry landscape as we know it. is a powerful transformation tool, but a complicated one, and the key to success is to take proper steps As the financial services industry accelerates towards a to correctly evaluate and execute the appropriate digital universe, advances in data, artificial intelligence implementation strategy. and robotic process automation offer much more than purely cost savings. I hope the articles provided in this edition of the Journal continue to inform your strategic technology choices, Robotic process automation – RPA – is a set of and I wish you every success in an increasingly technologies which enables the automation of routine automated future. activities. These robotic, rules-based solutions are well- suited for banks responding to increasing regulatory and compliance demands; they offer more robust responses and liberate the human workforce to concentrate on truly value-adding activities. This can offer attractive benefits for financial institutions. LANCE LEVY However, choosing automation technology should not CEO, Capco be automatic. Instead, to realize the full potential of RPA, institutions must form a very clear understanding of how to optimize the benefits inherent in this solution and the business case, and then crucially, how to manage these solutions once implemented. In this edition of the Journal, published in association with the world-class Henley Business School, we have included papers that focus on the origins and status of RPA. We identify the steps needed to avoid early stage implementation pitfalls, and offer insights into transforming the technical potential of RPA into real, sustained advantage. This edition also considers several industry challenges. In our Business Models and Investments sections, you will find perspectives covering topics from risk management transformation to financial planning. AUTOMATION PREVIOUS EDITIONS OF THE CAPCO JOURNAL OF FINANCIAL TRANSFORMATION ARE AVAILABLE AT WWW.CAPCO.COM/INSTITUTE Regtech as a new legal challenge Bridging the gap between investment banking infrastructure and distributed ledgers Rethinking robotics? Take a step back To robo or not to robo: The rise of automated financial advice Understanding robotic process automation (RPA) Robotizing Global Financial Shared Services at Royal DSM The financial auditing of distributed ledgers, blockchain, and cryptocurrencies Targeting the robo-advice
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